Business
Trustmark Corporation Announces Fourth Quarter and Fiscal Year 2020 Financial Results
Record earnings in 2020 reflect value of diversified financial services businesses Solid balance sheet, credit quality and capital base provide strength and
About this update from Trustmark Corporation
[{"type":"text","content":"\nRecord earnings in 2020 reflect value of diversified financial services businesses\nSolid balance sheet, credit quality and capital base provide strength and stability\n\n JACKSON, Miss.--(BUSINESS WIRE)--\nTrustmark Corporation (NASDAQ:TRMK) reported net income of $51.2 million in the fourth quarter of 2020, representing diluted earnings per share of $0.81. Net income in the fourth quarter produced a return on average tangible equity of 15.47% and a return on average assets of 1.28%. For the full year, Trustmark’s net income totaled a record level of $160.0 million, representing diluted earnings per share of $2.51. Diluted earnings per share in 2020 increased 8.2% when compared to the prior year. Trustmark’s net income in 2020 produced a return on average tangible equity of 12.58% and a return on average assets of 1.05%.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210126006001/en/\nPrinter friendly version of earnings release with consolidated financial statements and notes: https://www.businesswire.com/news/home/52367350/en\n\nTrustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per share payable March 15, 2021, to shareholders of record on March 1, 2021.\n\nGerard R. Host, Executive Chairman, stated, “This past year has been extremely challenging for everyone. The effects of COVID-19 have significantly impacted the ways in which we live, work and interact with one another. We extend our deepest sympathies to all who lost loved ones and all who have been impacted by this pandemic. We also extend our sincere appreciation and gratitude to healthcare professionals for their tireless and self-sacrificing work during this pandemic. Also, we want to thank our associates for their countless efforts to serve our customers and support our communities and businesses. Trustmark remains committed to providing solutions to meet customer’s unique needs during these unprecedented times.”\n\n2020 Highlights\n\n\nSupported local communities with loan originations totaling $970 million through the SBA’s Paycheck Protection Program (PPP)\n\n\nLoans held for investment increased $488.9 million, or 5.2%\n\n\nNonperforming assets declined 9.3%, net charge-offs represented 0.02% of average loans\n\n\nTotal deposits increased $2.8 billion, or 24.9%\n\n\nRecord m...